Bank of America Corporation $BAC Holdings Lessened by Prime Capital Investment Advisors LLC

Prime Capital Investment Advisors LLC trimmed its holdings in shares of Bank of America Corporation (NYSE:BAC) by 8.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,806 shares of the financial services provider’s stock after selling 18,887 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Bank of America were worth $10,494,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Dagco Inc. increased its position in shares of Bank of America by 7.3% during the 3rd quarter. Dagco Inc. now owns 10,013 shares of the financial services provider’s stock valued at $545,000 after purchasing an additional 683 shares during the last quarter. Genesee Capital Advisors LLC lifted its position in Bank of America by 4.5% in the third quarter. Genesee Capital Advisors LLC now owns 18,844 shares of the financial services provider’s stock worth $1,026,000 after buying an additional 814 shares during the last quarter. Invenio Wealth Partners LLC lifted its position in Bank of America by 5.4% in the third quarter. Invenio Wealth Partners LLC now owns 7,853 shares of the financial services provider’s stock worth $427,000 after buying an additional 404 shares during the last quarter. Vision Capital Management Inc. lifted its position in Bank of America by 1.6% in the third quarter. Vision Capital Management Inc. now owns 110,153 shares of the financial services provider’s stock worth $5,996,000 after buying an additional 1,736 shares during the last quarter. Finally, Focused Alpha LLC purchased a new position in Bank of America during the third quarter worth $742,000. Institutional investors own 70.71% of the company’s stock.

More Bank of America News

Here are the key news stories impacting Bank of America this week:

• Positive Sentiment: Bank of America’s second-quarter average loans rose 8% year over year while deposits increased 2%. Despite the uneven growth, net interest income climbed 9%, suggesting the bank is generating stronger returns from its deposit base and lending franchise. Bank of America Deposit Franchise Article
• Positive Sentiment: Bank of America was upgraded to a Buy rating by JLPascual. Other recent commentary indicated that the previously announced regulatory fine and earnings-related weakness may already be reflected in the stock, supporting the potential for a recovery. Bank of America Buy Upgrade
• Neutral Sentiment: The bank launched another investment-grade bond offering, including perpetual notes, shortly after raising $8 billion. The issuance may strengthen funding and capital flexibility, although it also adds financing costs and highlights continued reliance on wholesale markets. Bank of America Bond Sale
• Neutral Sentiment: Bank of America disclosed higher indirect stakes in Qiagen, ICU Giri?im Sermayesi and Link Bilgisayar. These appear to be investment or regulatory ownership disclosures rather than changes to the core banking business. Qiagen Stake Disclosure
• Negative Sentiment: Multiple law firms announced or promoted securities-fraud investigations and class actions tied to alleged investor misstatements concerning anti-money-laundering and sanctions-compliance failures. The litigation follows more than $1.2 billion in federal penalties and creates potential legal costs and reputational damage. BAC Securities Class Action Alert
• Negative Sentiment: The latest reported quarter missed consensus estimates on both earnings and revenue, while broad bank stocks remain under pressure from rising Treasury yields and uncertainty over Federal Reserve policy. Bank Stocks Under Pressure

Bank of America Price Performance

Shares of BAC stock opened at $50.59 on Wednesday. The stock has a 50 day moving average price of $58.52 and a 200 day moving average price of $56.77. Bank of America Corporation has a 52-week low of $46.12 and a 52-week high of $65.22. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $353.77 billion, a P/E ratio of 12.02, a P/E/G ratio of 0.86 and a beta of 1.21.

Bank of America (NYSE:BAC) last announced its quarterly earnings data on Wednesday, October 14th. The financial services provider reported $1.08 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.02). Bank of America had a net margin of 16.80% and a return on equity of 12.15%. The business had revenue of $29.96 billion during the quarter, compared to the consensus estimate of $30.58 billion. During the same period last year, the company earned $1.06 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. As a group, sell-side analysts predict that Bank of America Corporation will post 4.54 earnings per share for the current year.

Bank of America Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 4th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. This is a positive change from Bank of America’s previous quarterly dividend of $0.28. The ex-dividend date was Friday, September 4th. Bank of America’s dividend payout ratio is 30.40%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Argus set a $70.00 price objective on shares of Bank of America in a research report on Wednesday, July 15th. Barclays reduced their target price on shares of Bank of America from $72.00 to $68.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. Royal Bank Of Canada dropped their price target on shares of Bank of America from $65.00 to $60.00 and set an “outperform” rating for the company in a research note on Thursday, October 15th. HSBC assumed coverage on shares of Bank of America in a report on Monday, September 28th. They set a “buy” rating and a $65.00 price target on the stock. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Bank of America from $68.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday, October 2nd. Twenty analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.82.

About Bank of America

Bank of America Corporation (NYSE: BAC) is a diversified financial services company headquartered in Charlotte, North Carolina. It provides banking, lending, investment, payments and financial management services to consumers, businesses, institutional investors and governments.

The company’s consumer banking operations offer checking and savings accounts, credit cards, mortgages, home equity lending, auto loans and other consumer financial products. Through Merrill, Bank of America provides wealth management, investment advisory, brokerage and retirement services.